UAE state-run renewables developer Masdar has signed an agreement with renewables developer Azerbaijan Green Energy Company (AGEC) to explore the development of new renewable energy projects in Azerbaijan.
Under the collaboration agreement, the companies aim to expand Masdar’s 230MW Garadagh Solar PV project – which began operations in 2023 – by at least 350MW, while adding up to 200MWh of battery energy storage system (BESS).
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The two companies will also explore the development of a 100MW round-the-clock (RTC) renewable energy project in the country. According to Masdar, the project would build on its work in Abu Dhabi, where it is developing a 5.2GW/19GWh RTC solar-plus-storage project that represents a total capital investment of US$6.1 billion.
“We believe that the development of renewable energy is not only an investment opportunity, but also an important contribution to the country’s economic resilience, energy security and future generations. We see significant potential for collaboration with leading global energy companies,” said Jamal Pashayev, CEO at AGEC.
Concurrently, Masdar also reached financial close on the 315MW Neftchala Solar PV project it is developing with SOCAR Green, a subsidiary of Azerbaijan’s state oil company SOCAR. Financing for this project has been secured with the Asian Infrastructure Investment Bank (AIIB), the European Bank for Reconstruction and Development (EBRD), and the Asian Development Bank (ADB).
In addition to the Neftchala solar PV project, Masdar is also developing another solar PV project with SOCAR Green, the 445MW Bilasuvar solar project, which also received financing from the AIIB, EBRD and ADB in 2024.
Moreover, the UAE state-run developer secured last year a 1GW module supply agreement with Chinese PV manufacturer JA for the Bilasuvar and Banka solar projects in the country.
Masdar has been one of the leading developers in Azerbaijan to build utility-scale solar projects in the country and has been present since the beginning of the decade.
Back in 2022, the company signed an agreement with the country’s Ministry of Energy to develop up to 10GW of renewables in Azerbaijan in two phases.
